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Business Observer Monday, Dec. 21, 2020 11 months ago

Construction, following $13 million in financing, begins on townhome project

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Whitney Townhomes will consist of 15 separate buildings.

LARGO — Scherer Development LLC, a Clearwater-based developer that has built a wide range of projects since its founding in 1994, recently started work on a 60-unit townhome project in Largo, Pinellas County.

The project, Whitney Townhomes, will consist of 15 separate buildings at 3301 Whitney Road, less than three miles from the St. Petersburg-Clearwater International Airport.

Scherer founder and CEO Chris Scherer says the gated project, which will feature residences from 1,184 square feet to nearly 1,600 square feet and amenities such as a swimming pool with associated cabanas and barbeque areas, will offer convenient access to St. Petersburg, Clearwater and Tampa.

American Momentum Bank provided $10.65 million in construction financing for Whitney Townhomes, debt arranged by commercial real estate brokerage and services firm CBRE Group’s Yakhin Israel. Scherer injected $3 million in equity into the project.

Valerie Girrens, an American Momentum vice president, says in a statement that Whitney Townhomes will be a unique project offering space for a potential home office in the tight Largo market.

Scherer intends to complete the majority of the Whitney Townhomes’ project by the end of 2021

In addition to its residential work in Largo, Scherer also is developing custom homes in New Port Richey; completed The Oaks apartments in Trinity; and built the Ellenton Estates in Ellenton, north Manatee County. The company’s commercial projects in Florida have to date been centered in Clearwater, Wesley Chapel, Orlando and Fishhawk Ranch.

 

 

 

 

 

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